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Pancasila economics (Indonesian: Ekonomi Pancasila), also known as "Indonesian populist economics" (Indonesian: Ekonomi kerakyatan Indonesia), is an economic system which aims to reflect the five principles of Pancasila. [1] The term "Pancasila economy" first appeared in an article by Emil Salim in 1967. [2]
The ideal of Pancasila has not effectively translated into a functioning liberal democracy in Indonesia. Instead, Pancasila has become a symbol of Indonesian exceptionalism, embodying the nation's values and identity. Pancasila is open to abuse, which in this case was the invitation to criminalise all kinds of ideologies but Pancasila itself.